$ETH ¡Ethereum is recovering! Three reasons why a bullish streak for ETH is on the horizon

The momentum is tilting back in favor of Ethereum [ETH], and it’s not subtle.

In just 48 hours, active wallets on the network increased by almost 10%, from 306,211 to 336,366, even as the price fell to $1,585.70 on April 20.

Typically, when wallet activity rises while the price is low, it often indicates that stronger hands are entering. Therefore, a price movement may be brewing beneath the surface.

That hunch has already come to fruition. ETH rebounded strongly, rising to $1,756 on April 22, a solid 24% bounce from the local low. And this was not just a coincidence. The fundamentals are also showing signs of life.

Ethereum remains king in terms of developer energy. Just look at the scatter plot of development activity: Ethereum is at the forefront, dominating both in the number of developers and code confirmations.

With nearly 2,500 new code confirmations, it is far ahead of Solana [SOL], Near Protocol [NEAR], Cosmos [ATOM], and Sui [SUI], which each record less than 1,500 confirmations.

Why is this important? Because developers are the lifeblood of any blockchain. More confirmations mean more features, more bug fixes, greater security, and an overall evolution of the network.

For long-term holders and ecosystem participants, that’s the kind of silent strength that generates real conviction.

While others chase “hype cycles,” Ethereum may be busy laying the groundwork for the next wave of DeFi, NFTs, and layer 2 magic.